Room for improvement

The power drill-to-paint retailer’s first-half pre-tax profit beat expectations – welcome for a company that has lost a fifth of its value since May due to a messy business transformation. In a supposedly recession-proof sector, Kingfisher’s woes are largely self-inflicted.

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FILE PHOTO: Detail from a B&Q shopping trolley handle is seen outside a store in London March 31, 2015. REUTERS/Stefan Wermuth/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 18 SEP FOR ALL IMAGES - RC1F2765B8D0

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Home improvement retailer Kingfisher on Sept. 20 reported a better-than-expected 0.9 percent increase in first-half underlying pre-tax profit to 440 million pounds compared with the same period of last year.

The owner of B&Q, Castorama and Brico Depot chains said it is cautious about the outlook in its two largest markets, the United Kingdom and France, for the second half.

Kingfisher is in its second year of a five-year transformation plan that aims to generate an additional 500 million pounds a year in pre-tax profit by 2021.

The company’s shares were up 7.7 percent to 319 pence by 0920 BST on Sept. 20.